Bronze Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• Over the short term, global growth in the marine and aerospace industries is expected to drive market growth.
• During the forecast period, market growth is likely to be slowed down by changes in the prices of raw materials.
• During the forecast period, the market should have a chance to grow because of the demand for stronger alloys.

Bronze Market Trends

Increasing Demand for Musical Instruments

• Bronze is well-known to be strong and durable, and it does not get dented easily. This makes bronze a perfect material for cymbals, which are percussion instruments.
• All the professional cymbals are mostly produced from bronze, which provides the desired balance of durability and timbre. Several types of bronze are preferred for application in cymbals. Some of the most preferred ones for musical instruments include B20 bronze (i.e., 80% copper and 20% tin), also known as bell bronze, and B8 bronze (i.e., 92% copper and 8% tin). However, companies such as Meinl, Zildjian, and Paiste have also been experimenting with different tin-to-copper ratios.
• Bronze windings around nylon or steel cores offer a much warmer sound than any other metal, especially for lower notes. Due to this, nowadays, bronze is widely used in various stringed instruments, such as the double bass, acoustic guitars, piano, harpsichord, and sitar. Because they have a better sustain quality than high-tensile steel strings, bronze strings are typically reserved for lower-pitched tones on the pianoforte.
• Musical instrument strings, especially those for acoustic and classical guitars, are frequently made from bronze. The tone, projection, and durability of bronze strings are legendary. Consumer tastes, musical fashions, and the economic climate all have an impact on the demand for bronze strings. According to the World Bank, China dominates the global market as an exporter of musical instrument strings. In 2021, China made USD 11.97 million from the export of musical instrument strings.
• The other instruments in which bronze finds application include bells, singing bowls, gongs, and other idiophones. Bronze is used to make things like Tibetan singing bowls, gongs, temple bells of different sizes and shapes, and Javanese gamelan.
• With the increasing investments in manufacturing plants for musical instruments, the demand for metals, like bronze, is projected to grow in the coming years.
• The population of different age groups serves as a customer base for the music instrument industry. The customer base for this industry includes educational institutions, learning children, religious singers, and professional singers. The increasing interest in music, television shows broadcasting singing competitions, and the fame of professional singers have been factors motivating people to learn about music, which has driven the demand for and growth of the musical instrument industry.
• Because of this, the above factors are likely to have a big effect on the market in the coming years.

Asia-Pacific to Dominate the Market

• Asia-Pacific represents the fastest-growing market for bronze globally. This enormous demand for bronze is a consequence of the growing demand for aluminum-bronze alloy and increased demand for the aerospace and marine industries.
• In 2021, China exported a total of USD 108.43 million worth of bronze, making it the largest bronze exporter in Asia, according to data from the World Bank. with USD 80.15 million in exports from Japan and USD 20.59 million in exports from India in 2021.
• In 2023, Air India will make one of the largest aircraft purchases in history, placing an order for 500 planes. Boeing and Tata have formed a joint venture in India known as Tata Boeing Space Limited, which is responsible for producing Apache fuselages for use not just in India but all over the world. They're being shipped overseas.
• According to Boeing's 2019-38 forecasts, China is projected to become the world's largest aviation market in the coming years. In the next two decades, China will likely get about 8,100 new airplane deliveries, owing to the increasing demand for air travel.
• The Chinese aerospace industry is one of the leading industries in the country, and the government is heavily investing to increase its domestic manufacturing capabilities. Furthermore, the government intends to construct new airports while improving existing airport maintenance capacities.
• The Chinese aviation maintenance, repair, and overhaul (MRO) market is attaining steady progress, owing to the opening of new MRO facilities and the development of aerospace clusters in different parts of the country.
• Because of this, the above factors are likely to have a big effect on the market in the coming years.

Bronze Market Competitor Analysis

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